Bearish Doji Continuation Candle Pattern

The bearish Doji Continuation candle pattern (price action) on MNK is a trade I’m looking at for about a 15% stock trade or a possible 40% plus directional option trade. Around $21.00 offers support and a target with price following the current trend down. Price closing above the 50-SMA would negate the short trade, while a rally and fail closer to the 50-SMA would be a good set up. I am adding MNK to our watchlist; this is not a recommendation to buy or sell MNK or any other instrument we mention.

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SPY • SP-500

Rough week for the SP-500 (SPY) last week, the SPY closed with a weekly Bearish Engulf. The SPY daily chart shows Friday’s candle (price action) found a little support on the 50-SMA. The current 3-Day trend has been controlled by the bear engine therefor I would have to be a bit more bearish than bullish at the moment. Friday did not give up a reversal bullish buy signal. A little rule I use is the 80/20 rule, 80% of stocks follow the SP-500 (SPY), so I ask you what is the SPY telling you the last three days?

****VXX – The VXX challenged the 50-SMA Friday and may try to close above the 50-SMA over the next couple of days. A close over the 50-SMA would suggest a challenge of the 200-SMA may be next.

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